Bharti Infratel slips on weak sequential results

Bharti Infratel fell 1.82% to Rs 153.65 at 11:40 IST on BSE after consolidated net profit fell 22.43% to Rs 277.40 crore on 2.35% increase in revenue to Rs 2683.70 crore in Q2 September 2013 over Q1 June 2013.

The result was announced during trading hours today, 28 October 2013.

Meanwhile, the BSE Sensex was up 36.99 points, or 0.18%, to 20,720.51.

On BSE, 13,000 shares were traded in the counter compared with average volume of 68,689 shares in the past one quarter.

The stock hit a high of Rs 156.50 and a low of Rs 150.15 so far during the day. The stock hit a record high of Rs 215.50 on 29 January 2013. The stock hit a record low of Rs 126.05 on 28 August 2013.

The stock had underperformed the market over the past one month till 25 October 2013, falling 2.19% compared with the Sensex's 4.17% rise. The scrip had, however, outperformed the market in past one quarter, rising 5.07% as against Sensex's 4.44% rise.

The large-cap company has an equity capital of Rs 1888.90 crore. Face value per share is Rs 10.

Bharti Infratel's sequential result were weak due to rise in finance costs and a sharp drop in other income in Q2 September 2013 over Q1 June 2013.

On a consolidated basis, Bharti Infratel's finance costs jumped 27.87% to Rs 133.50 crore, while the other income slumped 63.43% to Rs 56.90 crore in Q2 September 2013 over Q1 June 2013.

On a year-on-year basis, consolidated net profit rose 12% to Rs 277.40 crore on 5% increase in revenue to Rs 2683.70 crore in Q2 September 2013 over Q2 September 2012.

EBITDA (earnings before interest taxes depreciation and amortization) rose 13% to Rs 1075.90 crore in Q2 September 2013 over Q2 September 2012. EBITDA margin was reported at 40.1% in Q2 September 2013, higher than 37.4% in Q2 September 2012.

On a consolidated basis, total number of towers rose 2.26% to 82,476 in Q2 September 2013 over Q2 September 2012.

As of 30 September 2013, Bharti Infratel owned and operated 35,376 towers with 65,391 co-locations in 11 telecommunications Circles while Indus operated 112,144 towers with 2,25,252 co-locations in 15 telecommunications Circles. With Bharti Infratel's towers and Bharti Infratel's 42% interest in Indus, the company has an economic interest in the equivalent of 82,476 towers and 159,997 co-locations in India as of 30 September 2013.

Bharti Infratel is a provider of tower and related infrastructure and on a consolidated basis, it is one of the largest tower infrastructure providers in India, based on the number of towers owned and operated by Bharti Infratel and Indus. The business of Bharti Infratel and Indus is to acquire, build, own and operate tower and related infrastructure. Bharti Infratel and Indus currently provide access to their towers primarily to wireless telecommunications service providers on a shared basis.

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